In fact, when we own portions of
outstanding businesses with outstanding managements our favorite holding period
is forever: We are just the opposite of those who hurry to sell and book profits
when companies perform well but who tenaciously hang on to businesses that
disappoint. Peter Lynch aptly likens such behavior to cutting the flowers and
watering the weeds.
We continue to concentrate our
investments in a very few companies that we try to understand well. There are
only a handful to businesses about which we have strong long-term convictions.
Therefore, when we find such a business, we want to participate in a meaningful
way.
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